The Deutsche Bank published a report analyzing the cash payments ecosystem in an age of digitalization. Based on a survey, Deutsche Bank found that cash will stay for now, and digital payments may impact the balance of global economic powers.
The German bank said digital payments would grow exponentially in the next five years and expects mobile payments to comprise two-fifths of in-store purchases in the U.S., four times the current level. In contrast, the figure is already just under 50% in China.
Meanwhile, as China and India develop crypto and digital payments, there may be a shift of global economic power to the east. China is already working on a digital yuan and were it to force companies doing business in the country to use the central bank digital currency, the dollar’s dominance in international trade could decline.
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